Have you been thinking about starting your own business or if you are having challenges with your current business…Let’s make a Plan
Let’s start today on your Business Plan
Whether you are starting up or have been in business for several years, a business plan focuses on the same key components.
Professional Market Research - Research is key in determining the Industry your business intends to compete in. Industry information is collected by conducting primary research, and secondary research. The research will identify your target market, your customers, and the competition in the marketplace that your business will compete against directly and or indirectly for the same $ (Dollar).
The Marketing Plan – How will your product or service reach your customers? What price will you charge? What’s your pricing strategy? Where will your product or service be sold? Will you sell online, or at a storefront location? What promotional activities will you use to create awareness and demand for your product or service? Who are the people in your company, recruit the right people. These are all decisions you will need to make!
The Operations Plan – What will your hours of operation be? Will you have employees? Who will you supply to or form supplier relationships with? Is your business seasonal? …and don’t forget the Opportunities and Risks of your business and just in case have a written Contingency Plan.
The Management Plan – Who will be the key people to run your business? What are their backgrounds, experience and skills? Who is on your side, your support team! Include a team of mentors and advisors for those difficult times to provide guidance.
The Financial Plan – Finally, What is your business idea going to cost? Let’s figure out the numbers before you start investing money on your business idea. Let’s determine all the Projected Start-up Costs.
· Let’s take all the information and put the numbers behind it to determine if:
The Business idea viable or not viable? Why? Because numbers don’t lie.